Peru Trade December 2016

Peru: Trade surplus at 5-year high in December

February 3, 2017

In December, the trade balance recorded a USD 1.0 billion surplus, which was above the trade surplus of USD 359 million registered in November. The print represented a sharp improvement from the USD 221 surplus recorded in the same month of the previous year and the best result seen in five years.

The Central Bank reported that exports had increased 25.0% annually in December (November: +16.1% year-on-year), the strongest rate since January 2012. Exports of traditional goods—which include metals, natural gas and fish-related products—continued to fuel export growth, but non-traditional shipments also contributed strongly to the overall expansion in December. Meanwhile, imports inched up 0.2% in December, which contrasted November’s 6.7% contraction.

In the 12 months up to December, the trade surplus was USD 1.7 billion, up from November’s USD 0.9 billion surplus. 2016 started with a deficit of over USD 3 billion and hit rock bottom at the end of January with a record deficit of USD 3.2 billion. Over the course of the year remarkable growth in exports of traditional Peruvian goods lifted the trade balance to a surplus and the year closed with the best result since 2012.

Panelists participating in the LatinFocus Consensus Forecast see exports growing 4.7% in 2017 and the trade balance recording a surplus of USD 0.8 billion. For 2018, the panel sees overseas sales expanding 5.4%.

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